The platform itself was launched back in August this year and it uses DLT for global supply chains. Ports and shipping are a primary part of the supply chain process. Recently, the Port Authority of Rotterdam had also joined the platform to become a part of the new decentralized shipping revolution. UK’s top port operator signed an agreement with Marine Transport International to develop blockchain-based logistics system for its port operations.

TradeLens is gaining traction for supply chain systems as it has already processed more than 154 million shipping-related data transactions including information on container shipping, warehouse timing and customs documentation. According to early estimates, the blockchain-based system can be used to cut shipping times by almost 40%.

The POV has unveiled plans to develop a smart port which is based on blockchain and big data technologies since the start of October this year. According to the person-in-charge of implementing new technologies, Jose Garcia De La Guia, DLT-based systems can improve supply chain logistics on a global scale and thus help create fully electronic ports with no paperwork which can help reduce the maintenance times and increase efficiency.

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